J&F Investimentos SA has agreed to sell a controlling stake in Havaianas flip-flop maker Alpargatas SA to the investment firms of Brazil’s most prominent banking families for 3.5 billion reais ($1.1 billion), according to securities filings on Wednesday.
Under terms of the deal, Cambuhy Investimentos Ltda, Itaúsa Investimentos SA and the fund Brasil Warrant will split J&F’s 86 percent stake in Alpargatas, the filling said. Both had bid 3.3 billion reais for Alpargatas before talks appeared to have collapsed, Reuters reported on Sunday.
The filings said the Cambuhy-led group will pay 14.25 reais for each Alpargatas common share and 11.40 reais for each preferred share.
São Paulo-based Alpargatas makes Havaianas flip flops worn by celebrities from Blake Lively to Jennifer Aniston. Its shares had surged 56 percent this year on expectations of a sale. Alpargatas also manages a wide array of Brazilian fashion brands including beachwear brand Osklen.